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This Guide is designed to familiarise accounting officers with the changes to their responsibilities that were introduced by the Public Finance Management Act (PFMA), a key element in a series of government budget and finance reforms. This ntroductory chapter explains the rationale behind the Act and accompanying Treasury Regulations, and the behavioural changes necessary to upgrade financial management throughout Government.

Chapters 1 and 2 are introductory and set out the context within which the Act has been drafted and the vision its seeks to achieve. Chapter 3 details the most urgent steps accounting officers will be xpected to address in the next 6–12 months. The remainder of the Guide provides more detail on implementing the steps in Chapter 3, and concludes with sections dealing with the responsibilities of executive uthorities and the way forward.

CONTENTS
PREFACE
ABBREVIATIONS
1. Introduction

Purpose of this Guide
Background to the Act
Defining responsibilities
Modernisation of financial management
What is financial management?
Behavioural aspects of the changes
Approach to implementation
Conclusion

2. Vision of the PFMA: performance

budgets and accountability
Financial planning
Evaluation of performance
Accountability cycle
Famous excuses

3. Seven immediate steps

1. In-year management, monitoring and reporting
2. Clear up audit queries.
3. Establish effective internal controls
4. Improve expenditure management and transfers
5. Banking arrangements
6. Complete financial statements on time
7. Delegation of responsibilities
Summary

4. Reporting and accountability

Best practice internal reporting
In-year management, monitoring and reporting

5. Responsibilities and planning

Separation of responsibilities
Delegation by executive authorities
Delegation by accounting officers
Responsibilities of accounting officers

6. Corporate management and internal controls

Financial staff
Internal control
Internal audit
Audit committee

7. Revenue, assets and liabilities

Revenue management
Asset management
Liability management
Loans, borrowing and guarantees

8. Expenditure management

Unauthorised, irregular, fruitless and wasteful expenditure
Financial misconduct
In-year processes
Public-private partnership agreements

9. Transfer payments and conditional grants

General principles
Division of Revenue grants
Other transfer payments

10. Cash and banking

Cash management
Banking practices
Bank accounts
Responsibilities of departments

11. Miscellaneous

Basic accounting records and related issues
Trading entities
Oversight of public entities
Commissions and Committees of Inquiry
Gifts, donations and sponsorships
Payments, refunds and remissions as an act of grace

12. Implications for executive authorities
13. The way forward

Key success factors
National and provincial treasuries
Capacity building

Annexure A: Exemptions
Annexure B: Reporting formats
Annexure C: Disciplinary procedures
Annexure D: Structure of the PFMA
Annexure E: Glossary

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